4 seconds of Googling says LP2844 supports jewelry tags as long as they have the black separator on them.

LP2844s are DIRT cheap. Just don't buy a UPS branded one.

I don't know how many tags a jewelry store uses in a year, but it may be more cost effective to buy a Dymo or something.
The printer is more money, but you don't have to commit to buying 20000 labels like you do with a Zebra.